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Map of Europe |
Summer 2000
Leader in Focus
The Future of Trade NegotiationsThe Importance of Global Economic Governance
by Pascal Lamy, European Commissioner for TradeThe European Union and the United States have a shared interest in a new round of multilateral trade negotiations that deals with the realities of the global economy, and we must find a better way of expressing that shared interest. The negotiations cannot be just about market access, but must overhaul the rules of the World Trade Organization, in a move to more effective international economic governance.
World Trade Needs Atlantic "Big Boys" to Get Together
by Mike Moore, Director-General, WTOWithout agreement between the European Union and the United States there is no hope for a new trade round. There are many areas in which they agree. Measures are also being taken to restore the confidence of developing countries in the world trading system. But there are long odds against starting a new round this year.
European Integration
On May 12, Joschka Fischer, the German Foreign Minister, relaunched the debate on Europe's political future in a major speech at Humboldt University in Berlin. He called for progress toward a European Federation that, at least in the longer term, would be run by a European government supervised by a two-chamber parliament and possibly led by an elected president. Mr. Fischer described his ideas as personal musings, rather than official proposals of the German government. But the speech reanimated discussions among European governments on the future of European integration at a time when the European Union seemed to be bogged down in negotiations over the minutiae of institutional reform and the technical problems of admitting a dozen new members in the coming years. Instead, in remarks that recalled some of the visionary aspirations of the EU's founding fathers, Mr. Fischer invited Europeans to look further ahead and contemplate the ultimate goals of European integration. The following is the full text of Mr. Fischer's controversial speech, which is likely to become a key document in discussions of Europe's future constitutional and political structure.
From Union to Federation: Thoughts on the Finality of European Integration
by Joschka Fischer, Federal Minister of Foreign Affairs and Vice Chancellor of the Federal Republic of GermanyIn the full text of a controversial speech, the German Minister argues that the European Union must start considering its long-term political future if it is to succeed in its bid to admit new members from Central and Eastern Europe, and maintain its move to closer economic and political integration. The ultimate aim should be a European Federation, run by a European government and a bicameral European Parliament, perhaps with an elected President. Germany and France should take the lead in developing this new constitutional structure.
The Need for a Much More Ambitious Transatlantic Agenda
by Günter Burghardt, Head of the Delegation of the European Commission in the United StatesThe two most formidable issues determining U.S.-EU relations in the coming decade will be whether the EU will have the courage to accomplish its comprehensive European Agenda 2010, and whether this ambitious project will be matched by U.S. support for a Transatlantic Agenda 2010, with the aim of creating a partnership of equals.
Slovakia Wants to Be a Full Partner in Europe
by Pavol Hamzik, Deputy Prime Minister of the Slovak Republic Responsible for European IntegrationSlovakia is now hoping to catch up with other Central and East European countries that got a head start in negotiations for EU entry. Slovakia fulfills the political criteria for EU membership, but knows it will have to work hard on economic reform if it is to complete its transition to a market economy.
Special Report
Europe and the New EconomyThe so-called new economy has firmly implanted itself in the United States, helping to generate the longest U.S. economic expansion ever recorded. The United States leads the world in many aspects of the internet-based economy and in technological innovation. Meanwhile, Europeans have been grappling with high unemployment, slow growth and out-of-date economic models. All that may now be changing, as Europe begins to embrace the new economy, and economic recovery gains ground.
Germany, Along with Europe, Is Embracing the New Economy
by David B. Audretsch, Director of the Institute for Development Strategies, Ameritech Chair of Economic Development, Indiana University in BloomingtonAfter first denying that the new economy held any interest for Europe, Europeans have come around to the idea that they should embrace it. Change is under way as a new generation of American-style entrepreneurs begins to emerge, and Germany realizes that its old social market model is no longer relevant. But Europe will develop its own new economic system, not slavishly copy the American model.
Europe (and the Euro) Will Soon Walk Taller
by John Llewellyn, Managing Director and Global Chief Economist, Lehman BrothersEurope is entering a period of strong economic recovery, while doubts are growing about the durability of the stellar U.S. economic performance of the 1990s. As the European recovery continues, investors will shift from American to European assets, and the dollar will probably weaken against the euro, although it is unlikely to collapse.
Generational Accounting Ranks Countries for the Future
by Robert H. Dugger,
Managing Director, Tudor Investment Corporation, and Robert C. McNally, Jr., Vice President, Tudor Investment CorporationThe pro-market philosophy of young European leaders suggests that the new economy will take root in Europe, but Europeans will have to face the serious structural problems that lie ahead as it becomes ever harder to finance their generous pensions and social security systems. "Generational accounting" shows which countries are best placed, and which will have to change the most.
Some Facts and Figures About the New Economy in the United States and Europe
In The News
The Euro: The Doubting Danes Are at It Again
by Helle Bering, Editorial Page Editor, The Washington TimesDanes are once again dithering over their relationship with the rest of the European Union, this time over the single European currency, the euro. The uncertain outcome of their referendum on September 28 is consistent with their historic tradition.
Some Good May Come of the Uproar over Austria
by Janez Drnovsek, Former Prime Minister of SloveniaSome of the 14 EU countries that introduced political sanctions against Austria after a far-right party entered the government are having second thoughts. Austria's partners were right to condemn Joerg Haider, former leader of the Freedom Party, but a warning to Austria might have been enough. It is essential not to reopen issues arising from World War II that have long been settled.
Industry and Technology
The "Lazy Regulator" Helps Finland's Telecommunications Boom
by Harri Pursiainen, Deputy Director General of the Communications Department, Ministry of Transport and Communications of FinlandFinland is the world's top country for internet and mobile telephone use, thanks largely to a relaxed style of regulation that gives business its head. The Finns, unlike some other countries, disapprove of auctioning telecommunications licenses.
Opinion
A New Missile Crisis?America Is Quite Wrong to Isolate Milosevic
by Steven Erlanger, Bureau Chief for Central Europe and the Balkans, The New York TimesAmerican policy toward Slobodan Milosevic has been a failure. Despite NATO's air war, he is still in power and his opposition has been weakened. Washington's efforts to isolate Serbia have impeded democratic political change.
A Better Way to Choose International Leaders
by John Andrews, Paris Bureau Chief, The EconomistThe way in which leaders are chosen for the world's top international institutions - ranging from the International Monetary Fund to the European Central Bank - is quite wrong. It is also frustrating for the candidates themselves. There is no ideal system, but there are plenty of ways of improving the current haphazard arrangements.
Book Reviews
A Disastrous Bid to Sabotage Communism in Europe
Operation Rollback: America's Secret War Behind the Iron Curtain. By Peter Grose
Reviewed by Brian KnowltonThe Anglo-Saxon "Big Idea" Is All You Need
Power and Prosperity: Outgrowing Communist and Capitalist Dictatorships. By Mancur Olson
Reviewed by Peter S. RashishSo Far, the Euro Has Been Good for Transatlantic Relations
Transatlantic Perspectives on the Euro. By C. Randall Henning and Pier Carlo Padoan
Reviewed by Louis R. Golino
Letter to the Editor
Terence Murphy: Don't Forget the Other Cogs in the Machine